please help me with the following 3 questions. Choose the cost...
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Accounting
please help me with the following 3 questions.
Choose the cost flow assumption in which the costs assigned to the ending inventory are the costs of the earliest units acquired. Multiple Choice None of the other alternatives are correct FIFO method specific identification method LIFO method weighted-average method If for an entire year prices are falling over time for inventory purchases (i.e. a period of deflation), then the inventory costing method that will produce the highest reported profits that year for a firm that started business that year will be: Multiple Choice O FIFO LIFO O O FISH O Weighted Average Cost O Unspecific Identification If a company makes an error in counting its ending inventory such that it is overstated from its true value by $10,000 then: Multiple Choice Net income will be overstated this period O O Cost of sales will be overstated by $10,000 this period Net Income for the period will be understated for this period O The error has no effect on income since inventory is a balance sheet account O O None of the other alternatives are correct
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